Alliant Energy Corp (NASDAQ: LNT)

Alliant Energy is a regulated investor owned public utility holding company headquartered in Madison, Wisconsin. The company provides regulated electric and natural gas service to approximately 1,010,000 electric and 435,000 natural gas retail customers in the Midwest through its subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). Its core operations involve the generation, transmission, distribution, and sale of electricity and natural gas within Iowa and Wisconsin.

Alliant Energy derives its revenue chiefly from the sale of electricity to residential, commercial, and industrial retail customers and from wholesale electricity sales to municipalities and rural electric cooperatives. Natural gas sales to residential, commercial, and industrial retail customers also contribute significantly to the company’s total revenue. Additional revenue comes from steam services (which were discontinued after 2025), transmission service fees, and other utility activities such as non utility wind farm interests and rail served industrial site development.

The company operates through the following segments.

• IPL: This segment is engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Iowa. It also sells electricity to wholesale customers in Illinois and Iowa and previously provided steam to two industrial customers in Cedar Rapids under contracts that ran through 2025.

• WPL: This segment focuses on the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Wisconsin. It also sells electricity to wholesale customers within the state and leases the Sheboygan Falls Energy Facility, a 347 megawatt natural gas fired unit, to support its generation portfolio.

Alliant Energy operates as a regulated monopoly within its defined service territories in Iowa and Wisconsin, where it holds the exclusive right to provide electric and natural gas distribution to retail customers. The company faces competition from self generation by large industrial customers, customer owned renewable installations such as solar panels, and alternative fuel providers like propane distributors. Its competitive advantages include a diversified generation mix that incorporates coal, natural gas, wind, and solar resources; a regulated rate recovery mechanism that provides stable cash flows; and ongoing investments in transmission infrastructure and renewable energy projects to meet state renewable standards. These factors position Alliant Energy as a steady, dividend oriented utility with a focus on balancing affordability, reliability, and environmental responsibility.

The company serves a diverse customer base that includes approximately 1,010,000 electric retail customers and 435,000 natural gas retail customers across Iowa and Wisconsin. Retail customers span residential homeowners, commercial businesses, and industrial operations such as manufacturing, agriculture, food processing, and data centers. Wholesale electricity is sold primarily to municipalities and rural electric cooperatives, while natural gas transportation services are provided to commercial and industrial customers that move customer owned gas through the utility’s distribution systems.